RES504 Leading Teams in the Real Estate Industry Assessment 1 2026 | Open Polytechnic

RES504 Assessment 1 

Learning Outcomes 

1 Evaluate and apply supervision skills in leading and supporting licensees in the preparation and discharging of real estate contracts with various levels of complexity.

2 Apply knowledge in the management of trust accounts in line with current New Zealand legislation.

Instructions

Complete and submit your assessment according to the Open Polytechnic’s Assessments webpage.

This includes information on academic integrity, formatting, word limits and referencing.

• Include your name, student number and the assessment number.
• Number your pages.

Submission

• Submit your assessment in one file.
• Submit your work through your iQualify course.
• Emailed assessments will not be accepted.

You will receive an automated notice advising you of your successful submission. By submitting your assessment, you confirm that it is your own, original work.

RES504 ASSESSMENT 1 

The Open Polytechnic of New Zealand 2 Instructions Read the scenarios, then complete the two parts and associated tasks that follow.

Part 1

Supervision skills -Preparation and discharging of contracts Imagine that you are the branch manager of Westend Realty, a busy real estate office with 10 salespeople with various levels of experience. As supervisor, the following three scenarios need your attention and action to complete the tasks today.

Scenario 1: 

Sarah’s sale and purchase agreement from her clients to buy their new home Sarah, who has been in the industry for just over a year, prepares the final draft of a sale and purchase agreement for clients, who are now buying a property through her. Her clients need to sell their current home to secure their new one.

To make informed decisions, they request a LIM report, a builder’s report and a specialist report to identify any potential asbestos in the textured ceilings. Additionally, they require a mortgage of $400,000 from Westpac. They need to sell their current home for $540,000.

Drawing on standard REINZ recommendations, Sarah meticulously drafts the agreement for the property they want to purchase. She proposes July 17 for the specialist report (two weeks from now) and August 28 for the unconditional sale of their existing home (which is eight weeks away).

On the agreement’s front page, she makes a 10 % deposit payable to Westend Realty trust account when the contract becomes unconditional in all respects, and within the ‘conditions’section, Sarah specifies the loan details as $400,000 with Westpac with a 10 working days’timeframe to secure financing. She is eager for her client’s offer to be accepted, as she is mindful that asking the seller to wait eight (8) weeks for the sale of her client’s property to sell could be an issue, so she removes the LIM and builder’s reports and deletes the premarked ‘yes’options, as well as the dates for both, and retains the ‘no’ selection for the OIA prompt and land act consent prompt. She finalises the agreement with a September 6 settlement date. Sarah then asks you (the branch manager) to review the agreement before she presents it to the clients.

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